By Dave Sims, Commodity News Service Canada
Winnipeg, October 21 – THE ICE Futures Canada canola market recorded modest gains on Friday, taking strength from the US soy complex.
The Canadian dollar was roughly half a cent lower compared to its US counterpart, which made canola more attractive to out-of-country buyers.
Demand is steady for oilseeds and traders continue to roll out of the November contract into January.
However, losses in Malaysian palm oil dragged on canola prices.
Canola is being harvested again in some portions of Alberta and Saskatchewan, but the early word is that much of what’s being taken off has high moisture content and is quite “tough”.
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The US soybean harvest is progressing and that was also bearish for canola.
Around 23,599 canola contracts were traded on Friday, which compares with Thursday when around 53,581 contracts changed hands. Spreading accounted for about 10,461 of the contracts traded.
Milling wheat, barley and durum were untraded.
Settlement prices are in Canadian dollars per metric tonne.
CORN Prices finished one cent higher Friday as traders adjusted positions before the weekend.
Technical buying was a feature as the front-month contract found support at the US$3.50 per bushel mark.
Vietnam has announced it is suspending imports of dried distillers’ grains until mid-December, which was bearish.
SOYBEAN futures finished seven cents per bushel higher on Friday as wet weather is expected to delay the harvest in the US Midwest, which was supportive for prices.
Demand for livestock feed has increased interest in soymeal, which helped prop up buying in soybeans, an analyst said.
On the other side though, strength in the US dollar was bearish for values while expectations for a massive US crop also weighed on the market.
Soyoil firmed with soybeans.
SOYMEAL futures posted gains.
Wheat futures on the Chicago Board of Trade ended three cents per bushel lower on chart-based selling.
Strength in the US dollar was bearish for the market.
However, delays to the harvest in the US Midwest and Western Canada lent some support to prices.
